Condominium Pros and Cons

Posted September 27th, 2010
by HomeownersInsurance.org Staff (no comments)

Condos are an attractive option for some folks. If you prefer to own a home but not have to deal with things like mowing the grass or shoveling snow, a condominium can be a good idea. Still, it’s not all fun and games. You still have all of the normal home expenses, including things such as homeowners insurance.

If you’re thinking about moving into a condominium, it’s important to know the ups and the downs:

Why you should go condo

  • Condos usually offer a number of amenities that you may or may not be able to afford in a traditional home. You might have access to a swimming pool, for example, or a fitness center with equipment that is prohibitively expensive to have in your own home.
  • You have to worry less about maintenance. Condos offer maintenance staff that fix up common areas, and usually repairs within your unit.
  • Security is often tighter in a condo than it is in a traditional home, or in a neighborhood. Condominiums usually have security personnel that help to look out for you and your home.

Why you should not go condo

  • Condominiums often have less storage than a traditional house. There usually aren’t attics or basements, but you may have access to storage lockers or some other form of storage.
  • Your outdoor space is going to be smaller. If you like to do some gardening, or if you enjoy having people over for outside gatherings, you’re going to be more limited.
  • Condo fees can be prohibitively expensive. To be sure, those fees pay for things like amenities and repairs, but you’re going to be responsible for paying whatever fees the condo board decides you ought to pay, whether or not you want those amenities.
  • Resale can be tougher for condominiums. This obviously depends on the market in your local area, but if another unit in your building is for sale it can be tough to sell yours.
  • You need to follow all of the condo rules. While you have a voice in what those rules are, they can also affect your ability to use your property the way that you’d like to use it.
Categories: Advice

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